Asked by Anonymous
Asked on 15 Jan 2020
I have contacted Stashaway but I'm not convinced by their response.
I work for AutoWealth. To provide the highest safeguard to you, your assets and monies will be held in a personal segregated custody account in your legal name. In this arrangement, only you have legal beneficial ownership over the assets and monies.
Just jumping in to provide more clarity or assurance on your bankruptcy concern.
Other that the below answer provided by my colleague, I do also want to highlight that as a Capital Markets Services License holder, we also have what is known as a minimum capital requirement.
We have to ensure that this minimum capital base in always in place i.e preventing us from potentially running out of cash on a daily basis. If it dips below that amount, MAS will require us to stop operating temprorily until we top it back up to the required amount.
We are also subject to multiple internal and external audits that have to all be submitted to MAS. These audits ensure we have the right controls and processes in place to prevent a banktruptcy event from happening.
However, if we do declare bankruptcy, then you can be assured that MAS will require that we take the necessary steps to ensure that our clients' interest is the main focus on the procedeeings.
As mentioned, your funds are completely unmingled from ours and we are not allowed to make use of it at any point in time. At the end of the day, the funds and securities in your portfolio will be kept custodial accounts and this is also the case with some of the largest fund managers who also hold the CMS license for Retail Fund Management.
If you'd like, I am happy to discuss it further over a call at +65 6248 0889 or drop us an email at [email protected] (addressing it to me), and I can address any specific concerns you may have.
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15 Jan 2020
15 Jan 2020